FX.co ★ Oil Holds Gains on Heightened Supply Risks

Crude oil held above $93 per barrel on Tuesday after rising for three consecutive sessions, supported by growing supply concerns amid an escalating Middle East conflict and ongoing attacks in Ukraine. The Trump administration faces mounting pressure to step up support for Saudi Arabia in its fight against Iran-backed Houthi militants in Yemen, following a series of missile and drone strikes on Riyadh’s main airport. The attacks killed at least 16 people, including one US citizen, and injured around 300 others.

In Eastern Europe, Ukrainian President Volodymyr Zelenskyy pledged to continue strikes against Russia as Moscow persists in targeting Ukraine’s energy infrastructure, in violation of the “energy ceasefire” announced by US President Donald Trump. Meanwhile, Trump’s envoys Jared Kushner and Steve Witkoff reportedly told Ukrainian officials that allowing contentious Russian diesel exports was part of a broader strategy to bring Moscow back to the negotiating table and advance efforts to end the war.